State-owned banks to support the civil counterpart to liberalize the economy from routine restrictions

State-owned banks to support the civil counterpart to liberalize the economy from routine restrictions



5/25/2015

Baghdad / ..
agreed Committee of the Council of Ministers of Economic Affairs on a series of resolutions that aim to activate the work of private banks through its support by government banks to ensure a smooth and easy banking transactions for citizens and businesses and move the Iraqi economy Ptkhalis of some routine restrictions.
A statement by the Deputy Prime Minister example, has typically Nuri Shaways received by the agency / information / copy of "The Committee on Economic Affairs its fourteenth session held on 19/05/2015, headed by Shaways Chairman of the Committee on Economic Affairs and the membership of the Ministers of Finance, oil, planning, commerce, agriculture and the Governor of the Central Bank of Iraq and the Chairman of the Board National Investment Advisor to the Prime Minister for Economic Affairs and director of the Legal Department of the Office of the Prime Minister. "
The statement said that "the Committee discussed many topics of economic affairs and taken thereon many decisions, including the approval of the granting of public sector companies the option to deposit their money and open their accounts in private banks, as well as the deposit and the distribution of its employees' salaries by those banks. "
He noted that "the Commission announced the approval of the gradual implementation of the deposit of the employees and retirees of the Chambers of central funding salaries in private banks, taking into account the need to provide the branches of these banks so as to ensure the provision of services to the beneficiaries of this system, and make sure banks situations in coordination with the Central Bank.
He pointed out that "The Committee agreed that the private banks to issue certified instruments and accepted by the government departments and public companies, with banks commitment to providing sufficient balances in their accounts with the Central Bank of Iraq and the lack of exposure, and otherwise the bears banks the legal consequences, The same exposure to stop dealing with this mechanism, "noting that" the Committee agreed also to approve the directing state departments all accept letters of guarantee issued by private banks with a commitment to the regulations and instructions issued by the Central Bank of Iraq and associated with the approval of the Committee on Economic Affairs.
He said the "Committee announced the approval that each of the Rafidain and Rasheed deposit part of their money to the private investment of those funds of private banks in investment projects in accordance with the economic feasibility studies with a sufficient safeguards guaranteed non-refundable and subject to the conditions set by the two banks after studying the financial situation of the private bank. "
The statement noted the "consent on the Trade Bank of Iraq to open credit lines with private banks and under the supervision of the Central Bank of Iraq, on condition taking adequate safeguards and adhere to the ceiling specified provisions of article (30) of force Banking Act. "
The statement called on the Ministry of Finance and the Central Bank has adopted the Committee on Economic Affairs Resolution No. S.l / 495 in 11/18/2014 on the opening of letters of credit to the private banks up to $ 10 million (ten million dollars) without going through the Iraqi trade bank ".anthy / 25 j

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The statement said that "the Committee discussed many topics of economic affairs and taken thereon many decisions, including the approval of the granting of public sector companies the option to deposit their money and open their accounts in private banks, as well as the deposit and the distribution of its employees' salaries by those banks. "
He noted that "the Commission announced the approval of the gradual implementation of the deposit of the employees and retirees of the Chambers of central funding salaries in private banks, taking into account the need to provide the branches of these banks so as to ensure the provision of services to the beneficiaries of this system, and make sure banks situations in coordination with the Central Bank.